Home News Big Bay Area mobile home park with hundreds of units is bought

Big Bay Area mobile home park with hundreds of units is bought

by admin
0 comment

San Jose — A large mobile home park with hundreds of spaces in south San Jose was purchased by a family based in an upper-class Bay Area community in a transaction of over $40 million.

The Rancho Santa Teresa Mobile Home Estate at 510 Saddle Brook Drive in San Jose has new owners who are members of a family trust in the affluent town of Atherton in San Mateo County.

The buyer paid $40.7 million for the Rancho Santa Teresa Mobile Home Complex, according to documents filed with the Santa Clara County Records Department on Oct. 13.

Rancho Santa Teresa is a 315-space large mobile home park in San Jose’s Edenvale neighborhood.

The new owner also received a $30 million loan from First Foundation Bank to purchase the mobile home park, according to county property records.

A Atherton-based family trust led by John Worthing and Margaret Worthing is the buying group, according to public documents.

Investors (and property developers in some cases) have been hungry for mobile home parks in the South Bay and elsewhere in the Bay Area in recent years.

In 2021, Pulte Homes paid $50 million to Winchester Ranch Mobile Home Park, a 110-unit complex in San Jose. The park was bulldozed and replaced by his 688 homes, which consist of 320 homes and his 368 apartments.

Other purchases appear to be investments in maintaining the property as a mobile home park. Among these deals:

— Plaza Del Rey, an 800-unit mobile home community in Sunnyvale, was purchased by Chicago-based Hometown America Community for $237.4 million in 2019.

— Sunshadow, a 121-unit mobile home community in San Jose, was acquired in a $12.3 million transaction in 2019 by a group led by legendary Chicago-based real estate executive Samuel Zell.

— Mary Manor Estates, a 116-space community in Sunnyvale, was purchased in March 2022 for $39 million.

In September of this year, a deal was signed for San Jose’s sprawling Silicon Valley Village Mobile Home Park, home to approximately 1,600 residents, to remain a mobile home park. The deal ensured residents would not face widespread evictions. A group led by Aptos-based property manager and robotics company chief executive Kenneth Miller agreed to lease the land beneath the park and take over management of the complex.

You may also like